Bybit vs Binance: Top Crypto Exchange Comparison 2024

Dean Decho, 8 min read
Last Updated: 20 May, 2024

If you’re trying to choose an exchange or considering a switch from Binance, this comparison will help you make a well researched decision.

Bybit scores higher overall 9.0 compared to Binance 8.2.
Bybit offers up to 200x leverage, which makes it ideal if you are an experienced leverage trader. It features strong security and quick order execution.
Binance, with over 170 million users and 650+ supported coins, excels in diversity and ease of use, suitable for both beginners and advanced users. Binance’s spot trading fees are 0.1%, and futures fees are 0.02% for makers and 0.05% for takers, compared to Bybit’s 0-0.02% maker and 0.025-0.055% taker fees. Choose Bybit for high leverage and simplicity; opt for Binance for a wide range of cryptocurrencies and comprehensive trading features.

Bybit vs Binance Comparison Summary

Binance
8.2
Binance
  • FOUNDED: 2017
  • USERS: 170 Million
  • SUPPORTED COINS: 650+
  • PAYMENT METHODS: Crypto, Visa, MasterCard, Bank
  • SPOT TRADING FEES: 0.1%
  • FUTURES TRADING FEES: Maker 0.02% / Taker 0.05%
  • MAX LEVERAGE: 125x
Bybit
9
Bybit
  • FOUNDED: 2018
  • USERS: 20 Million
  • SUPPORTED COINS: 470+
  • PAYMENT METHODS: Crypto, Visa, MasterCard, Bank
  • SPOT TRADING FEES: 0.1%
  • FUTURES TRADING FEES: Maker 0-0.02% / Taker 0.025-0.055%
  • MAX LEVERAGE: 200x

So who is Bybit right for?

9out of 10

Security8.6
Fees9.1
Ease of Use8.8
Customer Support9.4
  1. Leverage traders: Bybit is designed primarily for traders who are interested in leverage trading, offering up to 100x leverage on perpetual contracts.
  2. Simplicity seekers: Traders seeking a straightforward and user-friendly platform will appreciate Bybit’s streamlined interface, which focuses on providing an easy-to-navigate experience.
  3. Risk management focused: Bybit offers a mutual insurance feature, which can be helpful for traders looking for additional risk management options to protect their positions.

Who is Binance right for?

8.2out of 10

Security8.0
Fees8.4
Ease of Use8.5
Customer Support7.7
  1. Diversified traders: Binance is suitable for traders who want to diversify their trading strategies by participating in spot, margin, and futures trading.
  2. Altcoin enthusiasts: With an extensive list of supported cryptocurrencies and trading pairs, Binance is an excellent choice for traders interested in exploring altcoins and lesser-known tokens.
  3. Beginners and advanced users: Binance offers both basic and advanced trading views, catering to users with varying levels of experience and expertise.

Overall Binance is well-suited for advanced and professional traders looking for a comprehensive trading platform with multiple options and a broad range of supported assets, while Bybit is a good option for traders who prefer a simpler interface focused on leverage trading through perpetual contracts.

Bybit Pros and Cons

Pros

    • High Leverage – up to 200x
    • Copy trading
    • Strong Security
    • Quick order execution.

Cons

    •  High leverage is complex and risky for inexperienced users

Binance Pros and Cons

Pros

  •  Wide range of cryptocurrencies available
  • High-level security team
  • Low transaction fees
  • High liquidity

Cons

  •  Binance is facing regulatory problems in several countries, such as the United States.
  • Has been hacked in the past.

Still unsure which exchange is right for you?

Take a look at our extensive list of the top exchanges to find the perfect fit for your style and taste.

User Experience and Interface

  • Binance trading interface is feature-rich and customizable, catering to both beginners and experienced traders. Binance users can choose between a basic and advanced trading view, depending on their familiarity with trading tools and indicators.

The platform also offers a mobile app for trading on the go, as well as API access for algorithmic trading.

  • Bybit trading interface is designed with simplicity and user-friendliness in mind. The platform is easy to navigate and focuses on providing a seamless trading experience for perpetual contracts.

Bybit also offers a mobile app and API access, allowing users to trade and manage their positions from anywhere.

In fact I think both Bybit and Binance offer leading trading apps, that have intuitive interface with a level only few exchanges can offer.

Trading Pairs, Liquidity, and Volume

Feature BinanceBinance bybit gieldaBybit
Trading Pairs 500+ 470+
Liquidity High Adequate
30-day Trading Volume High (Top-ranked) Moderate (Top-ranked for perpetual contracts)
Winner: Binance
It takes the lead in this category, offering a larger number of trading pairs and consistently higher liquidity and trading volume compared to Bybit. Binance’s extensive selection of trading pairs and its status as a market leader make it a more attractive choice for traders seeking diversity and high liquidity.

Bybit Fees vs Binance

Feature BinanceBinance bybit gieldaBybit
Fee Structure Tiered, based on BNB holdings Maker-taker fee structure
Maker Fee 0.02-0.1% 0-0.02%
Taker Fee 0.02-0.1% 0.025-0.055%
Max Leverage 125x 200x

Winner: Bybit

Bybit emerges as the winner in terms of trading fees and leverage due to its competitive fee structure and higher leverage options for futures trading. While both exchanges have similar trading fee structures, Bybit’s slightly lower trading and withdrawal fees make it a more cost-effective choice for traders.

Security Comparison: Binance vs Bybit

Security Feature BinanceBinance bybit gieldaBybit
Two-Factor Authentication (2FA) Yes (SMS or Authenticator App) Yes (Authenticator App)
Cold Storage Yes (Significant portion of funds) Yes (Multi-signature cold wallets)
Specialized Fund for Security SAFU Fund Not available
Withdrawal Address Whitelisting Yes Yes
Anti-Phishing Code Yes Not available
Real-Time Risk Management Yes Yes
Asset Segregation Not explicitly mentioned Yes
Secure Infrastructure Yes (DDoS protection, SSL, etc.) Yes (DDoS protection, SSL, etc.)

When it comes to choosing a cryptocurrency exchange, security is a crucial factor. Both Binance and Bybit have implemented highest crypto industry security standards to protect users’ assets and personal information.

Below is an in-depth comparison of the security features offered by both platforms.

Binance security features

Binance employs a multi-layered security approach to protect its users and their funds:

  1. Two-Factor Authentication (2FA): Binance requires users to set up 2FA, either through SMS or an authenticator app like Google Authenticator, to secure their accounts further.
  2. Cold Storage: A significant portion of users’ funds is stored in cold wallets, which are offline and less susceptible to hacks.
  3. Secure Asset Fund for Users (SAFU): Binance has established the SAFU fund, which allocates 10% of all trading fees to protect users’ funds in the event of a security breach.
  4. Withdrawal Address Whitelisting: Users can whitelist specific withdrawal addresses, ensuring that funds can only be withdrawn to pre-approved addresses.
  5. Anti-Phishing Code: Binance allows users to set a unique anti-phishing code, which is displayed in all official Binance emails to verify their authenticity.
  6. Risk Management: Binance utilizes advanced risk management systems, including artificial intelligence (AI) technologies, to detect and prevent potential security threats.

Bybit security features

Bybit also employs stringent security measures to protect its platform and users:

  1. Two-Factor Authentication (2FA): Similar to Binance, Bybit mandates 2FA for added account security, using an authenticator app like Google Authenticator.
  2. Cold Storage: Bybit stores the majority of users’ assets in multi-signature cold wallets, ensuring that funds are offline and less vulnerable to hacks.
  3. Real-Time Risk Management: Bybit utilizes a real-time risk management system that monitors positions, liquidations, and margin balances to minimize potential losses.
  4. Withdrawal Address Whitelisting: Users have the option to whitelist specific withdrawal addresses, increasing the security of their funds.
  5. Asset Segregation: Bybit segregates client assets from company assets, providing an added layer of protection in case of insolvency or other issues.
  6. Secure Infrastructure: Bybit’s infrastructure is designed with multiple layers of protection, including DDoS protection, secure sockets layer (SSL) encryption, and regular security audits.

Both Bybit and Binance prioritize security and have implemented comprehensive measures to protect users and their assets.

While no platform can guarantee absolute security, Binance and Bybit are considered highly secure exchanges within the industry.

It’s essential for users to practice good security habits, such as using strong, unique passwords and enabling two-factor authentication, to further protect their accounts.

Winner: Binance

Binance has a slight edge in security, with additional features such as the SAFU fund and anti-phishing code not found on Bybit. Though both exchanges prioritize security and offer robust protection measures, Binance’s added security features give it a competitive advantage.

Deposit and Withdrawal Options

Feature BinanceBinance bybit gieldaBybit
Deposit Options Credit cards, Bank transfer, P2P, Cryptocurrencies Credit cards, Bank transfer, P2P, Cryptocurrencies
Withdrawal Options Bank transfer, P2P, Cryptocurrencies Bank transfer, P2P, Cryptocurrencies
Fiat Currencies Multiple supported 6 fiat currencies
Winner: Draw

Trading Tools and Features

Feature BinanceBinance bybit gieldaBybit
Spot Trading Yes Yes
Margin Trading Yes Yes
Futures Trading Yes Yes
Perpetual Contracts Yes Yes
Staking Services Yes Yes
Savings Product Yes No
Mutual Insurance No Yes
Algorithmic Trading Yes (API access) Yes (API access)

Binance offers a wide array of trading tools, including spot trading, margin trading, futures, and staking services.

Additionally, Binance has an extensive range of pairs, supports algorithmic trading, and offers a savings product for earning passive income on your cryptocurrency holdings.

Bybit specializes in leverage trading for perpetual contracts, offering up to 100x leverage on supported trading pairs.

While the platform doesn’t have as many trading pairs as Binance, it does support algorithmic trading and offers a mutual insurance feature that allows users to hedge against potential losses.

Copy trading

Copy trading is a feature on the Bybit platform that is yet not available on Binance.

It allows users to automatically replicate the trades of successful professional traders. This feature allows novice traders to benefit from the expertise and strategies of experienced traders without having to actively manage their trades or spend hours researching the crypto market.

Supported Countries

Both Binance and ByBit boast an extensive global reach, catering to millions of customers across more than 100 countries.

It’s more straightforward to focus on the countries where these platforms are not supported rather than listing all the countries they serve.

Binance is not available in the United States (however, US residents can access Binance.US), the United Kingdom, China, Malaysia, Japan, Thailand, and Iran.

While Binance has faced regulatory challenges, it is generally authorized by financial regulators in most countries. ByBit, on the other hand, is said to lack such regulatory oversight worldwide. As a result, ByBit has become a popular choice among no-KYC crypto exchanges.

However, some countries have imposed restrictions on the platform, including the United States, China, Singapore, certain regions of Canada, Cuba, and North Korea.

Winner in 2024: Bybit

In our assessment of Bybit versus Binance, we’ve concluded that Bybit emerges as the overall winner.

This is attributed to its user-centric design, making it highly accessible to traders.

Bybit is known for its leverage options up to 100x, coupled with advanced features like copy trading, greatly appeal to a specific segment of the crypto trading community. As well as lower fees. These strengths, focusing particularly on leverage trading and user experience, set Bybit apart in this comparison.

binance vs bybit logos

Binance vs Bybit: Which Exchange Takes the Lead in 2024?

To explore each of the cryptocurrency exchanges we recommend reading our comprehensive reviews for Binance and Bybit.

Which crypto trading exchange offers more competitive pricing: Binance or Bybit?

Taking into account the low fees provided by Bybit, ranging from its slightly higher to marginally lower trading and withdrawal fees, it appears that Bybit is the more cost-effective option among the two trading platforms. Binance fees are competitive against the entire exchange market but only slightly higher than on Bybit.

 Binance vs Bybit: Which platform boasts greater accessibility?

Picking up from two of the best crypto exchanges is a tough task. Given that Binance is accessible through both desktop and mobile devices, while Bybit is exclusively available on mobile, Binance emerges as the exchange platform providing superior accessibility for traders.

Binance vs Bybit: Which Platform Outshines the Other for Traders?

Both of these exchanges continue to receive our unwavering support and admiration. They share many similarities, making it difficult to declare a definitive winner between the two.

What are the primary differences between Binance and Bybit?

Binance is a comprehensive trading platform that offers spot, margin, and futures trading, with a wide range of trading pairs and advanced features. Bybit, on the other hand, focuses on providing a user-friendly platform for leverage trading of perpetual contracts. Binance is generally more suitable for users interested in diversifying their trading strategies, while Bybit caters to traders who prefer a simpler interface for leverage trading.

Binance vs Bybit: Which of the crypto exchanges has lower fees?

Bybit fees tend to be slightly lower than Binance, with a maker-taker fee structure that offers a rebate for maker orders. However, Binance also offers a tiered fee structure based on trading volume and BNB holdings, which can result in lower fees for high-volume traders.

Is Binance or Bybit more user-friendly?

Both platforms have user-friendly interfaces, but Bybit is designed to be simpler and more streamlined, focusing on perpetual contract trading. Binance offers both basic and advanced trading views, catering to a wider range of user experience levels.

Which platform is more secure, Binance vs Bybit?

Binance like Bybit prioritizes security, with measures such as multi-factor authentication, cold storage, and real-time risk management. While both platforms are considered secure, it’s essential to practice good security habits, like using strong, unique passwords and enabling two-factor authentication.

Is there margin trading available on Bybit or Binance?

Yes, both platforms offer leverage trading. Binance currently offers up to 20x leverage for futures contracts. They used to offer 125x nut had to decrease it back due to regulatory issues.

Bybit offers up to 100x leverage for trading crypto perpetual contracts.

Comparison Summary

bybit logo
Exchange

ecoinomy rating:

9.0/10


Max Leverage 100:1
Headquarters Dubai
Deposit Fees Card 2%
Trading Fees 0,075%
Cryptocurrencies 470 BTC kryptowaluta logoETH logo della criptovalutaBCH logo della criptovalutaRipple криптовалута логоADA криптовалута логоLTC криптовалута логоTezos криптовалута лого
Payment Methods Crypto, Visa, MasterCard
Number of Users 3.000.000+

Security

Fees

Ease of Use

Customer Service


Start here


Binance logo
Exchange

ecoinomy rating:

8.2/10

Max Leverage 20:1
Deposit Fees By card 1,8%; minimum deposit 15 EUR
Trading Fees 0.1%
Regulations
Cryptocurrencies 650+ BTC logo CriptovaluteETH Criptovalute logoIOTA криптовалута логоBCH криптовалута логоRipple криптовалута логоDASH криптовалута логоADA криптовалута логоEOS криптовалута логоLTC криптовалута логоTezos криптовалута логоNEO криптовалута логоXLM криптовалута логоZEC криптовалута логоETC криптовалута логоOmise-Go криптовалута лого
Payment Methods Crypto, Visa, MasterCard
Number of Users 30.000.000+

Security

Fees

Ease of Use

Customer Service


Go to Binance

Both Binance and Bybit are powerful and reliable platforms catering to different trading preferences and requirements. While Binance offers a wide range of trading options and an extensive list of supported assets, Bybit focuses on providing a user-friendly experience for leverage trading through perpetual contracts. Ultimately, the choice between Binance and Bybit will depend on your specific trading needs and priorities.

Bybit vs Binance Ratings

bybit gieldaBybit BinanceBinance
Trustpilot Rating 2.8/5 (500+ reviews) 2.0/5 (4,500+ reviews)
Ecoinomy Rating 9.0/10 8.2/10

This table provides an overview of the ratings for Bybit and Binance from Trustpilot and Ecoinomy. Trustpilot is a popular review platform where users can share their experiences and rate different services.

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Dean Decho

Dean is a passionate advocate for the financial freedom and independence offered by Bitcoin and the cryptocurrency space. He's built this crypto learning platform to help others in the industry learn, grow and be part of it.